(Updates to include Braskem’s investment plan in the second paragraph.)
Oct. 25 (Bloomberg) -- Braskem SA, Latin America’s largest petrochemicals producer, received a 2.46 billion-real ($1.4 billion) credit line from the BNDES development bank to expand production.
Braskem plans to invest 4.27 billion reais through 2013 to expand and upgrade its plants and improve technology, according to an e-mailed statement from the BNDES today. Braskem has 10 years to use the credit line and funds will be disbursed according to project, the Rio de Janeiro-based bank said.
Braskem, based in Sao Paulo, got the financing to expand in Brazil after buying assets abroad earlier this year. Last month, Braskem paid $323 million for Dow Chemical Co.’s polypropylene assets in the U.S. and Germany. In April, it bought polypropylene factories from Philadelphia-based Sunoco Inc. for $350 million.
Braskem fell 1.5 percent, or 22 centavos, to 14.09 reais at 3:01 Sao Paulo time. The company is down 30 percent this year.
--Editors: Jasmina Kelemen, Dale Crofts
To contact the reporter on this story: Peter Millard in Rio de Janeiro at firstname.lastname@example.org
To contact the editor responsible for this story: Dale Crofts at email@example.com